Volunteerism an Old Concept, a New Business Model for Scaling Microfinance and Technology-For-Development Solutions

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Volunteerism An Old Concept, A New Business Model for Scaling Microfinance and Technology-for-Development Solutions

Grameen Foundation Publication Series About Grameen Foundation Grameen Foundation empowers the world’s poorest people, especially women, to escape poverty through access to financial services, information, and viable business opportunities. Founded in 1997 by a group of friends who were inspired by the work of Muhammad Yunus and the Grameen Bank in Bangladesh, our innovations, programs, and resources have helped millions of people in Africa, Asia, the Americas, and Middle East North Africa begin their journey out of poverty.

With microfinance and technology as our foundation, we connect people and local institutions across the globe that share our vision of shattering the barriers for the one billion people trying to live on less than a dollar a day.

About Bankers without Borders® Bankers without Borders® is Grameen Foundation’s volunteer reserve corps. More than 5,000 active and retired business professionals from a variety of countries and industries contribute their time, skills, and experience to support microfinance and technology solutions for the poorest. Through on-site technical assistance, training and mentoring, or remote consulting projects, Bankers without Borders’ volunteers work to increase the scale, sustainability, and impact of the organizations they support.

Acknowledgements Special thanks to Bankers without Borders’ presenting sponsor J.P. Morgan for making this report possible, as well as the many volunteers who contribute their skills and time on a pro bono basis to microfinance and technology-for-development (T4D) initiatives. This report was written by Shannon Maynard, with support from Ayesha Abbasi, Ekaterina Dadaeva, Samantha Haviser, Sabrina Quaraishi, and Angie Sanders. We are grateful for input and comments from Camilla Nestor, Nigel Biggar, Brian Slocum, and Reem Nejdawi.

without B O R D E R S A GRAMEEN FOUNDATION INITIATIVE www.bankerswithoutborders.com

By Marge Magner

As the microfinance sector continues to grow and evolve to meet the escalating demand for its services, it must continue to extract best practices from the private sector to improve efficiency, scalability, and sustainability. While there are many differences between traditional consumer banking and microfinance lending, there are also underlying disciplines and practices that are quite similar and transferable. Through skills-based volunteer initiatives, like Grameen Foundation’s Bankers without Borders®, microfinance institutions (MFIs) and technology-for-development (T4D) initiatives can tap into first-hand knowledge and applications from some of the world’s best companies and brightest minds.

From risk management to human capital development, there is a myriad of strategic and operational needs facing organizations working toward eradicating world poverty. While donor financing to address infrastructure challenges is scarce, there is ample supply of human capital ready to be deployed through short-term volunteer projects, ongoing involvement, or even through virtual connectivity to help microfinance companies. The involvement of these volunteers generally has minimal or little costs to the organizations, but its impact can be transformative and significant – for the organization and the industry. You will read about some of these contributions in the pages that follow.

Global companies, business professionals, and even retirees and students are demonstrating that they have the passion and dedication to volunteer their time for worthy causes. However, volunteers most often are not in a position to leave their jobs for a six-month to one-year assignment. They are contributing their services through paid leave, vacation time, and their own spare time. As such, their time and skills should be leveraged in the most efficient and impactful ways possible in order to maximize the volunteers’ experiences as well as to contribute the most benefit for the organizations they serve.

What has been missing from this supply and demand equation was an effective pipeline for matching organizational needs with the right volunteers – those who have the right skills and qualifications to add value to the organization – and preparing both the volunteers and organizations to work together with the limited resources in a targeted, meaningful way. As you will learn in this paper, it is not as simple as establishing an online classifieds listing. For an effective human capital strategy to work, it requires good project design and management and a results-driven process that takes into account the motivations, needs, and constraints of all the stakeholders involved.

This is not volunteerism for the sake of volunteerism, but rather a new business model for solving some of the real problems impeding the scale, sustainability, and impact of microfinance and T4D initiatives. A greater and more strategic use of volunteers can help the field to realize, more rapidly, strategic and operational improvements. The problems of poverty are too large for researchers and practitioners to solve alone. We must take advantage of the enthusiasm, commitment, and knowledge of this growing army of corporate “skill-anthropists,” who want to leverage their intellectual capital and make a difference in a way that is relevant and measurable.

www.grameenfoundation.org 4 Introduction

In late 2008, a human resource specialist with Best Buy’s corporate office spent three months at Grameen Foundation developing an assessment tool to help microfinance institutions (MFIs) identify their current human resource practices as well as any gaps that needed to be addressed to help them effectively meet their strategic goals. She then spent two weeks in Nigeria piloting the tool, which is now being used by MFIs in Asia, Africa, and the Americas.

In early 2009, without ever leaving their desks in in London and Mumbai, four J.P. Morgan investment bankers helped Grameen Foundation and one of its partner MFIs in Indonesia reduce the currency risk in their loan portfolios.

During the summer of 2009, a team of employees from Given the microfinance industry’s desire to reduce Accenture, Dow Chemical, and Citi spent eight weeks in operational costs and lower interest rates for borrowers, India and Tunisia gathering the technical requirements for why aren’t more organizations taking advantage of a new accounting software for two MFIs that had outgrown growing supply of individuals and companies who want to their existing solutions. The team worked to make sure donate their services in support of our collective mission? that the accounting software they recommended was easily compatible with the two organizations’ current In December 2009, Grameen Foundation conducted a management information software — Mifos®, Grameen roundtable with leaders from the microfinance industry to Foundation’s open-source software platform. try to answer this question and explore the potential for an industry-wide initiative to engage skilled volunteers more On the surface, all these projects sound like typical effectively. What we heard was not completely surprising consulting gigs. But what is remarkable about these — participants’ responses covered some of the same engagements is that these services were donated by the concerns that Grameen Foundation needed to address individuals and their companies, which also contributed to when it launched BwB, including: “It takes too much time the related travel and project expenses. The combined to find the right people when you need them.” “Volunteers cost of these services on the open market would have are well-meaning, but how do you ensure the job gets exceeded $300,000. done and done well?” “Individuals may have the functional expertise, but they need to have an understanding of What is even more remarkable is that Grameen Foundation microfinance and how their skills might need to be adapted has managed more than 150 pro bono projects like these in an emerging market, and we don’t have time to since the creation two years ago of its volunteer initiative train them.” Bankers without Borders® (BwB). Collectively, more than 440 volunteers have contributed more than 50,000 hours of The purpose of this paper is to shed light on these and donated services worth an estimated $4 million. There are other challenges that prevent the microfinance industry more than 5,000 bankers and other business professionals from taking full advantage of a plentiful but underutilized in the program’s reserve corps waiting to be selected for supply of individuals and companies around the globe with their first assignment. the skills, passion, and fresh perspectives that could benefit our work.

5 Volunteerism: An Old Concept, A New Business Model for Scaling Microfinance and Technology-for-Development Solutions Volunteers can be critical to helping MFIs reach more poor people with much needed financial and information services.

In the pages that follow, we will explore: sector facing growing commercialization, volunteerism can easily be seen as “old school” or trivial. n The most prevalent risks facing MFIs today, and how volunteers can help mitigate them. But what is trivial about a volunteer management system n Trends leading to a groundswell of interest in skills- that leverages $6 in donated services for every $1 invested, based volunteerism. or about research demonstrating that Americans who n Lessons learned from existing volunteer efforts in volunteer are 10 times more likely to donate to those same the sector. causes? What is “old school” about open source-solutions, crowdsourcing, or for-profit companies that use volunteers n A prospective future where volunteers are embedded in the design and delivery of services to MFIs and to build their competitive advantage? other organizations serving the financial needs of the When done strategically and with the proper infrastructure world’s poor. in place, volunteerism can be a new business model that Though many microfinance initiatives and pro-poor enables players in the microfinance and technology- organizations were started on the shoulders of volunteers, for-development (T4D) spaces to design and scale their it’s not uncommon for volunteers to be seen as “less programs and services more rapidly and efficiently, while necessary” as these organizations grow in budget and staff building a broader global network of public support for size. In the case of nonprofit entities, outside of their boards their work. Volunteers are a critical, missing piece of a of directors, you’ll often find some volunteer fundraisers, growing coalition committed to ensuring that billions of a few interns, and the occasional project developer who financially excluded people gain access to safe, reliable, perhaps are there to appease a corporate contributor or and affordable services to help improve their families’ lives. longtime supporter who wants to get more involved. In a

www.grameenfoundation.org 6 Shifting Perspectives: Viewing Volunteers as Valuable Business Capital

Volunteers Can Turn Challenges and Risks into Opportunities According to the Centre for the Study of Financial Innovation’s Microfinance Banana Skins 2008, a report that examines risks in the industry, the risks of most concern to microfinance practitioners were institutional — the quality of management and staffing, the problems of mounting competition, and structural change. Small, early-stage MFIs or information-and-communication technology (ICT) start-ups often have limited access to growth capital and often are still striving towards profitability. Thus, as with many start-ups, they lack the resources to hire all the specialists and experts they need or to invest in the systems they need to grow. On the other hand, larger entities that might not be funding-constrained have other operational concerns, such as corporate governance and treasury management. A BwB volunteer (far right) observing a borrower meeting at Evangelical Social Microfinance Banana Skins 2009 showed that, due to Action Forum (ESAF) in India. the economic crisis, market and credit risk had become practitioners’ top concerns, revealing the need to develop and institutionalize risk management skills in MFIs.1 In a Volunteers Can Make a Way When Funding November 2009 Grameen Foundation survey of 11 peer Falls Short organizations, financial risk management, monitoring and For such technical assistance as financial risk management, evaluation, and board governance topped the list of critical monitoring and evaluation, and board governance, technical needs facing these organizations’ constituents. microfinance organizations turn to outside expertise Human resources management, marketing, and information and support for help — most likely in the form of paid technology followed closely behind. consultants. Portals like Microfinance Gateway enable microfinance practitioners to find consultants with the But regardless of how they rank, risks abound, as relevant experience and language skills necessary to do opportunities — opportunities to become more provide added capacity on a short-term basis or with customer-centric, improve and diversify product and expertise that doesn’t currently exist internally. service offerings, and demonstrate the social outcomes of microfinance. Volunteers can play a critical role in But if financial risk management is a top concern, especially expanding organizations’ capacities and nimbleness in for smaller MFIs with limited access to long-term funding, responding to risks and opportunities without significant why aren’t more organizations asking themselves, “Do we increases in a need for financial resources. need to hire a consultant or can we find a volunteer?”

1 Banana Skins 2009, Centre for Study of Financial Innovation, July 2009

7 Volunteerism: An Old Concept, A New Business Model for Scaling Microfinance and Technology-for-Development Solutions Depending on the scope and nature of the project, Volunteers Can be the Customized Answer sometimes a consultant is the right answer. For example, if to Technical Challenges a quick turnaround is needed on a project, paying someone If you Google the term “microfinance toolkit,” more than may save time, ensuring that deadlines are met. Or if there 800,000 search items will appear — from Microsave’s is potential for the scope to expand, a volunteer — who Market Research for Microfinance Toolkit and MEDA’s likely has a full-time job also — may not be able to take Youth Microfinance Toolkit, to CGAP’s Product on the additional work. In certain cases, the learning Development for Microfinance Toolkit and SEEP Network’s curve may be too steep for a volunteer who has functional FRAME Tool. These are just some of the quality curricula expertise but has never actually worked in microfinance. that exist online for the taking. A lot of research and funding has gone into the creation of these tools, but there If there is no budget for a consultant, a volunteer may be is limited capacity and resources to support any activities the only alternative. Yet, in most cases, nonprofits don’t beyond making these tools freely available online. In some even explore this route. The work simply doesn’t get cases, related training or workshops are given periodically, done until they can find someone to fund it. Organizations often in concert with a major national, regional, or should consider if all or part of the project could be global conference. accomplished by a volunteer or team of volunteers, or if the scope of work could be limited to one or more definable short-term projects.

Grameen Foundation’s Social Performance Management Center 1,544 Combined Volunteer Hours I Labor Value: $59,859 I The Progress out of Poverty Index™ (PPI™) is designed to measure the poverty levels of groups and individuals and to track changes in poverty levels over time. Building on the concept of Grameen Bank’s 10-Point System, the PPItm was commissioned by Grameen Foundation, in collaboration with Consultative Group to Assist the Poor (CGAP) , Ford Foundation, and Microfinance Risk Management L.L.C. BwB volunteers have played a vital role in helping to strengthen the Center and its ability to facilitate use of the PPI in organizations around the world:

n A seasoned entrepreneur and former strategy executive helped the Social Performance Management Center craft its business plan.

n Undergraduate students continually work to gather the country-specific data required to establish the PPI in new countries.

n An economics professor produced an overview and analysis of the impact assessments conducted in the microfinance sector.

n Researchers, graduate students, and Ph.D. candidates use data sets from existing PPI users to test hypotheses and identify correlations between the levels of poverty among microfinance clients and such variables as repayment rates, MFI operational costs, etc. PROJECT SPOTLIGHT

n A loaned executive from the Capital Group investment bank helped develop and pilot a simple software solution for MFIs to store and produce canned reports of PPI data.

n A team of volunteers from J.P. Morgan conducted a survey of MFIs using the PPI to better understand how the MFIs are using the tool and what kind of technical assistance they need to better integrate it into their management and decision-making processes. Realizing the value of volunteers, the Social Performance Management Center is partnering with BwB to use volunteers to help scale its latest certification initiative.

www.grameenfoundation.org 8 In addition to offering financing, many public and non- Proficiency in financial modeling, business-plan governmental support organizations provide technical development, business-process mapping, and asset assistance to local institutions. And as the microfinance and liabilities management are often required before sector has matured, many support organizations have an early-stage MFI is ready to approach a prospective moved from providing comprehensive technical assistance investor. Volunteers can effectively address these skill to offering a clearly defined set of programs and services gaps. However, there are a few prerequisites to making to local service providers. Focus is the name of the game. this happen, including an abundant supply of business However, as more and more support organizations choose professionals with the skill sets required and willingness to this approach, a new market opens up for independent donate their services. consultants and others to provide customized solutions for MFIs, particularly to early-stage MFIs who aren’t quite “Skill-anthropists”: Making a Difference ready for more sophisticated offerings. For example, there Outweighs Making Money are more than 56 management information system (MIS) One of the most popular videos on YouTube today is solutions now being offered to MFIs.2 However, many bestselling author Dan Pink’s riff on what motivates early-stage MFIs simply lack the human and organizational employees. Pink reemphasizes what several organizational capacity to map their business processes and identify their development studies have shown: Money doesn’t motivate user requirements, steps needed to develop or select an — autonomy, mastery, and purpose do. He illustrates his appropriate MIS. Using skilled volunteers is a cost-effective point by telling the story of the open-source movement. way to provide these early-stage MFIs with customized “You get a bunch of people from around the world who technical services while building a pipeline of MFIs ready are doing highly skilled work, but they’re willing to do it for for more sophisticated offerings.

Corporate Governance Handbook for the Middle East and North Africa Region 536 Combined Volunteer Hours I Labor Value: $32,492 I In many parts of the world, the sustainability of MFIs is threatened by weak corporate governance. Grameen-Jameel Pan Arab Microfinance Ltd. collaborated with CERISE (a knowledge-exchange network for microfinance practitioners) to develop customized, interactive training to help MFIs in the Arab world examine and reform corporate governance practices at all institutional levels. As part of this effort, four BwB volunteers were brought on to develop a corporate governance handbook for MFIs in the Middle East North Africa region. The handbook would be a new edition of an earlier publication produced in 2005 for MFIs in West Africa. With their valued expertise in corporate governance, risk management, and internal control, the volunteers increased the handbook’s practicality, shored up its weaknesses, aligned its material with customized training, and tailored its materials to the microfinance context in the Arab world. The process involved an in-depth reading and preliminary edit of the book to identify gaps in providing practical guidance as well as

PROJECT SPOTLIGHT research on regional case studies. Anurag Mittal, Assistant Vice President/Global Compliance Leader of GE Capital International Services, described the end product as “handy, ready to use” and “critical in the MFIs’ operations.” Undoubtedly, the 536 volunteer hours devoted to this corporate governance project will help ensure that Arab MFIs’ strategy, operations, and results are all aligned with their missions.

2 http://www.mixmarket.org/sites/default/files/medialibrary/20501.1061/MIS_for_MF.pdf

9 Volunteerism: An Old Concept, A New Business Model for Scaling Microfinance and Technology-for-Development Solutions free,” he says. “They volunteer their time, up to 20 hours a week, and then what they create, they give it away rather than sell it.”

At face value, the open-source movement seems like a preposterous notion — are highly qualified business professionals really willing to work for free in search of purpose and mastery? But there is a convergence of demographic trends making it possible to easily find these new “skill-anthropists” who are willing to give their time and skills to the social sector on a pro bono basis in exchange for the chance to make a difference.

According to the 2010 Volunteering in America research conducted by the Corporation for National and Community Service, in collaboration with the U.S. Census Bureau, 63.4 million Americans volunteered to help their communities in 2009, contributing 8.1 billion hours of service — equal to an estimated dollar value of nearly $169 billion.3 The most promising sources of top volunteer talent include retired baby boomers, young people (the millennial generation), and businesses.4 Much healthier and more educated than previous generations, older Americans are willing to engage in volunteer activities that leverage their skills and support causes they care about the most. Retiring baby boomers offer social-sector organizations experience, management skills, and vast numbers. The number of older Americans, for example, will increase A subset of global companies is looking at how to align 50 percent by 2020. Boomers are healthier and more these volunteerism efforts with strategic business educated than previous generations and are predicted objectives. Employees are urged to use their corporate to live and work longer. Although one might assume that skill sets to make a difference in the world. In most cases, older people with jobs are less likely to volunteer, research companies provide paid leave or continue to pay the indicates that baby boomers are most likely to volunteer for salaries of their employees while they work on social- opportunities that leverage their skills for a cause they care sector projects for anywhere from two business days to 10 about — a cause that is challenging, convenient, and fits weeks. Some programs also provide cash matches for the their schedule.5 organizations where their employees volunteer and cover any related travel expenses. America’s young workforce also is increasingly interested in making a difference. One recent study found that almost These international corporate volunteer initiatives help 70 percent of Americans between the ages of 18 and 26 companies recruit and retain top talent who want to work prefer to work for a company that provides professional for companies that care, while helping to develop a new volunteer opportunities.6 generation of socially conscious and globally-minded leaders gather on-the-ground intelligence on how to do In response to these growing workforce trends, more business in emerging markets and forge cross-border businesses are establishing corporate programs that relationships inside and outside of the company.7 provide employees with opportunities to volunteer.

3 http://www.volunteeringinamerica.gov 6 Deloitte Volunteer Impact Survey, Deloitte & Touche, 2007 4 New Volunteer Workforce, Stanford Social Innovation Review, December 2009 7 http://bclc.chamberpost.com/2010/05/corporate-volunteer-service-goes-global.html 5 Great Expectations: Boomers and the Future of Volunteering. VolunteerMatch, 2007

www.grameenfoundation.org 10 n Contributes approximately 120 hours of service per project.

n Has at least five years of work experience, most often in the financial services industry (although a variety of professional backgrounds are represented).

n Volunteers because he or she has a strong desire to help the poor, a strong belief in Grameen Foundation’s mission, or is interested in pursuing a career in microfinance.

Common Roadblocks to Effective Volunteer Engagement Many organizations struggle to take advantage of the increasing supply of enthusiastic individuals and corporations wanting to donate their skills and time. The To fully realize the value of volunteers, like this BwB volunteer (far right) in Ghana, MFIs must overcome common roadblocks like lack of planning and poor biggest obstacles are not directly related to the volunteers project management. themselves but to the host organization’s mindset and approach toward handling volunteers.

In concert with this trend, corporate foundations are on Of the 11 microfinance networks that completed Grameen the hunt for social-sector partners who can take advantage Foundation’s online survey in 2009, five had utilized of both their financial and intellectual capital. During the between 0-10 volunteers in the past year, four had utilized recent economic recession, many corporate foundations between 11 and 200 volunteers, and two had utilized more have looked to compensate for reductions in philanthropic than 200 volunteers. Only four of the 11 networks paid dollars by increasing volunteer efforts. According to a staff dedicated to managing volunteers and housed this recent survey conducted by the Chronicle of Philanthropy, function within their donor relations, human resources, or cash donations to charities in 2009 dropped 7.5 percent to policy/advocacy departments. Most frequently, volunteers $3.9 billion for the 68 companies that provided two years of were used to conduct research, raise funds, serve as information. At the same time, in-kind donations of goods mentors, and sit on boards. and services rose by 5 percent.8 Volunteers are often seen as a burden rather than a Taking advantage of these trends, Grameen Foundation’s resource by the employees who have to manage them, Bankers without Borders program has created an online while leaders often see volunteers as substitutions for reserve corps of more than 5,000 business professionals. paid positions rather than a leveraged resource. These More than 260 new individuals sign up each month — differences in perspective caused tension between completing a detailed user profile and uploading a copy of volunteers and staff in a number of instances. their most recent resume. To fully realize the value of volunteers, MFIs must overcome eight common roadblocks: A typical BwB volunteer possesses the following attributes:

n Lives in the United States (53 percent) or somewhere 1. Myth that volunteers are free. Too often, people in Asia (23 percent). assume that because volunteers are donating their services that they are a completely cost-free resource. n Speaks English and at least one other language (most In reality, the benefit of volunteer engagement to an commonly Spanish, Hindi, or Mandarin). organization is directly proportional to its investment in volunteer management.9 Volunteer management

8 http://www.usatoday.com/money/companies/2010-08-08-corporate-philanthropy_N. 9 Volunteer Management Capacity in Americas Charities and Congregations, Urban htm?csp=obnetwork Institute, 2004

11 Volunteerism: An Old Concept, A New Business Model for Scaling Microfinance and Technology-for-Development Solutions Mifos Cloud Computing 485 Combined Volunteer Hours I Labor Value: $90,200 I Technology is a critical operational component for MFIs, but it’s often viewed as a huge challenge. In fact, 40 percent of respondents to a 2008 CGAP survey said that IT constraints prevented them from achieving their operational goals. Grameen Foundation, the leading technology provider in the microfinance sector, addressed this issue in 2006 by launching Mifos®, an award-winning, open-source management information system. Mifos meets organizations’ needs cost-effectively and enables these organizations to grow by increasing efficiency and effectiveness. However, a primary challenge keeping MFIs from launching an MIS like Mifos are the perceived costs associated with IT personnel, in-house facilities and a lack of funding. In October 2009, Grameen Foundation’s Technology for Microfinance Center engaged four experienced BwB volunteers to help understand Mifos’s potential in the cloud computing market. With diverse backgrounds in Internet technologies, project management, strategic planning, and software engineering, the volunteers explored how cloud computing could minimize costs and maximize the value provided by management information systems for MFIs. Complementing each others’ expertise, the volunteers conducted competitive and marketing analyses, assessed strategic opportunities in the new market, provided PROJECT SPOTLIGHT a delivery model, and successfully identified ways to make these business processes work smoothly. Having donated 485 hours of service, the volunteers provided quality research that led to a business plan for Mifos Cloud — a complete, ready-to-use solution that delivers MFIs this essential technology as an online subscription service that is easy to use and fast to implement. Because of these volunteers’ contributions, Mifos Cloud will help MFIs overcome technological barriers and increase efficiency.

entails costs in attracting, developing, and retaining expert from the commercial banking sector who volunteers and in building the capacity of staff to happens to speak Tamil — on two-week’s notice! manage volunteer resources. Although these costs are 3. Poor project management. Nonprofits often often much lower than paying consultant fees directly have limited resources to invest in staff training on (making volunteers a low-cost resource), there are effective project management or project management always real or opportunity costs involved. software. Good volunteer management is essentially 2. Lack of advanced planning. The demand for good project management. Staff often juggles too volunteers is often out of sync with the supply of many projects while not applying discipline to how volunteers because rarely do organizations incorporate they define the project scope and work plan, how identification of potential volunteer roles as part of they will manage the work and related risks, how they annual planning. Thus, those volunteer projects that will establish communication and documentation do take place are ad-hoc and a matter of serendipity, protocols, and how they will build in quality control of rather than a strategic application of human resources. deliverables and project metrics. If managers proactively identified places where 4. Steep learning curve for volunteers. A senior volunteers could free up staff capacity or bring new executive from a global investment bank may be expertise to the organization, they could build in the responsible for treasury management of billions of time to find the best-qualified volunteer candidates. dollars, but without understanding the basics of Without advance planning and a reserve corps of skills microfinance and how different MFIs operate, her skills to draw from, it can be difficult to find a marketing will not transfer easily. Business professionals may have the functional expertise desperately needed by those in

www.grameenfoundation.org 12 the microfinance sector, but they must also have some sourcing their own volunteer talent. With skills-based context for their volunteer assignment. If done on a volunteering, this can be a time-intensive endeavor one-off, just-in-time basis, the amount of time required when you factor in outreach, recruitment, screening, by staff to orient each volunteer may not be worth it and selection. An organization can only see limited given the length of the volunteer’s assignment. returns from using volunteers if it approaches volunteer recruitment in a decentralized manner. 5. Inability to delegate work. The social sector is filled with entrepreneurial types who find it difficult 8. No quantifiable demonstration of volunteer’s to give up some control. In many cases, there may value. The economic and social value of volunteerism not be other employees to whom the individual can can — and should — be measured, but volunteerism delegate work, so they are used to doing everything is not easily quantified. Only 30 percent of US-based themselves. Still, others believe they can do it better nonprofits measure the impact of their volunteers themselves or fear criticism from their superiors annually.10 There are a variety of dimensions to if things go wrong. And in many cases, staff may measuring the value that volunteers bring to an lack experience in effective delegation techniques. organization — from the value of their donated However, by not engaging volunteers and delegating services, to the economic value created from those responsibilities to them, staff members minimize their services, to the more intangible social outcomes own time to focus on high-value activities and impede associated with volunteerism (for example, an increase the organization’s overall productivity. in social capital). Too often, volunteers are thought of as a “nice to have” rather than a “necessary” resource, 6. Bad experiences in the past. Often, staff and little rigor is applied to measuring their impact. fears that volunteers won’t finish the job or deliver Without clear metrics for measuring the effectiveness quality work products, based on a previous negative of volunteer strategies, it can be difficult to make the experience. Bad volunteer experiences are often case that funding volunteers and volunteer programs attributable to both volunteers and volunteer is a smart investment. Nonprofit leaders and staff, managers. Good volunteers take their work as funders, and volunteers all need to see measurable seriously as they would if they were getting paid; bad results to sustain a volunteer strategy. volunteers think that as long as they do something, they are helping. Bad volunteer managers often don’t To overcome these common challenges and remove the clarify their expectations from the beginning and feel administrative burden and operational risks associated with bad holding volunteers accountable because they volunteers, the CEOs of nonprofits and social businesses aren’t getting paid. One of the biggest hurdles in need to see the potential value that today’s volunteer realizing the potential value of volunteers is changing workforce — some of the best and brightest minds — mindsets based on a few bad experiences or limited brings, and invest in creating a centralized, strategic exposure to effective volunteer programs. framework for managing volunteer talent.

7. Staff burden to find the right volunteers. Volunteers can help save money and raise money, and You don’t hire everyone who applies for a job they are more likely than others to donate their time and with your organization, and you can’t be expected expertise to support the organizations with which they to find a skills-based project for every individual engage. Volunteers also bring fresh energy and ideas to who expresses interest in volunteering. Without a organizations, which can help alleviate staff burnout and centralized volunteer-management function within lead to new innovations. And volunteers can serve as the organization or an ample pipeline of volunteer evangelists to their social networks, helping to promote the talent, individual staff members are responsible for nonprofit and its mission.11

10 Volunteer Management Capacity in Americas Charities and Congregations, Urban 11 New Volunteer Workforce, Stanford Social Innovation Review, December 2009 Institute, 2004

13 Volunteerism: An Old Concept, A New Business Model for Scaling Microfinance and Technology-for-Development Solutions Bankers without Borders: Setting the Standard for Managing Volunteers Strategically

n Increase volunteerism in the microfinance and T4D industries.

n Create an efficient operational framework to mobilize, engage, and leverage the resources of private-sector organizations and volunteers in supporting Grameen Foundation and its mission.

Since the program’s launch, more than 5,000 professionals from around the world have registered in the program database, while 440 have been assigned to more than 150 U.S.-based, field-based, or virtual projects in areas such as finance, marketing, graphic design, translation, human Indian MFIs need about 250,000 employees to meet the current needs of 80 capital, and business process management. million microfinance clients. BwB works with MFIs to build capacity and scale while strengthening their access to capital. How BwB Works Throughout its history, at any given time, Grameen At its core, BwB is a volunteer-management framework Foundation has engaged numerous volunteers working designed to: in a variety of capacities, from field-level operational n Identify the resource needs of MFIs, relevant industry work with grassroots partners to pro bono legal counsel stakeholders, and Grameen Foundation itself, or fundraising activities. However, Grameen Foundation specifically those needs that can be fulfilled through lacked a consistent organization-wide framework for unpaid volunteer contributions. volunteer engagement and management, project definition and implementation, and impact analysis and follow-up. n Recruit, screen, orient, and train volunteers. This put added pressure on staff, lessened the impact of n Provide a standardized methodology to develop volunteers’ contributions, and resulted in many missed and implement project activities that will have opportunities where qualified and willing volunteers were demonstrable results. not deployed. n Evaluate the impact of these project activities.

Launched in 2008 with support from J.P. Morgan, Bankers n Quantify volunteer time and financial value of without Borders® is a global reserve corps of business donated services. professionals and retirees from a variety of industries who n Provide feedback and ongoing communications are willing to contribute their time, skills, and experience to to volunteers before, during, and after project support microfinance and technology. The program works completion. with companies, associations, higher-education institutions, and individuals to match volunteers’ skills with the critical Like most volunteer initiatives, BwB has multiple needs of organizations serving poor people around the stakeholders with different needs. Volunteers require world. Grameen Foundation launched BwB to: well-managed, structured projects as well as training, development, and networking opportunities. Companies n Build the capacity of MFIs to manage and scale their organizations while strengthening access to and associations are looking for turnkey volunteer capital and related services to expand their services engagements that are well-aligned with their strategic to the poor.

www.grameenfoundation.org 14 TABLE 1: BwB Responses to Common Volunteerism Roadblocks

8 Common Bankers Without Borders Solutions Road Blocks

Myth that Grameen Foundation invests in staff and infrastructure to maximize return on investment. volunteers are free BwB quantifies the total project costs and the percentage contribution from volunteers.

Grameen Foundation incorporates volunteer resources into annual planning process Lack of advanced for organization. planning BwB trains project managers to plan projects one to three months in advance, enabling them to find best-qualified candidates.

BwB works with project managers to design comprehensive scopes of works and determine how the project will be managed and evaluated. Poor project BwB articulates 10-step process for managing all volunteer projects. management BwB provides third-party support to ensure that projects move forward or any volunteered issues are resolved promptly.

BwB offers free training to entire pool of prospective volunteers in advance of selection for a Steep learning project. curve for Certain training is a prerequisite for certain projects. volunteers BwB uses technology to interact with hundreds of volunteers from all over the world at one time.

BwB meets regularly with Grameen Foundation departments to understand their work priorities and proactively suggest places where volunteers could add value.

Inability to BwB provides training and technical assistance to Grameen Foundation staff on effective volunteer delegate work supervision.

BwB shares project successes across the organization to encourage other staff members to consider ways that they could benefit from using volunteers.

BwB shares project successes to help change mindsets about using volunteers. Bad experiences in the past When problems arise, BwB debriefs relevant staff and volunteers to identify the breakdown and ways to overcome specific challenges in the future.

BwB recruits, screens, and shortlists candidates and assists project managers in making final Staff burden selections. to find right volunteers BwB develops corporate partnerships to create an effective pipeline of volunteers with specialized skill sets.

BwB captures the value of donated services for every project and shares information with various project stakeholders. No quantifiable demonstration of The aggregate value of all documented BwB donated services appears in Grameen Foundation volunteer’s value departmental budgets and in organization’s IRS Form 990.

BwB uses ROI as a measure of the value it brings to Grameen Foundation’s work.

15 Volunteerism: An Old Concept, A New Business Model for Scaling Microfinance and Technology-for-Development Solutions objectives, geographical interests, and core competencies. How IT WORKS Grameen Foundation staff and microfinance partners are 8 Common Bankers Without Borders Solutions looking for skilled consultants who are knowledgeable of Road Blocks the industry and accountable for clear deliverables. And 1 8 9 Project all three stakeholder groups want to ensure that volunteer Market Research Evaluation Myth that Grameen Foundation invests in staff and infrastructure to maximize return on investment. Management volunteers are engagements result in measurable results and social impact. free BwB quantifies the total project costs and the percentage contribution from volunteers. To meet these expectations, BwB has adopted a strategic 2 7 10 Project Recognition & Project Training Grameen Foundation incorporates volunteer resources into annual planning process approach and process that places a strong emphasis on Development Development Lack of advanced for organization. project development, volunteer orientation and training, planning and evaluation. BwB trains project managers to plan projects one to three months in advance, enabling them to 3 6 find best-qualified candidates. Volunteer Onboarding & Project Development Recruitment Orientation BwB works with project managers to design comprehensive scopes of works and determine how The BwB team provides training and support to Grameen the project will be managed and evaluated. Foundation staff and microfinance partners who develop 4 5 Poor project detailed project descriptions and scopes of work similar to Interviewing Volunteer BwB articulates 10-step process for managing all volunteer projects. & Selection Agreements management those used for consultancies. This investment in planning BwB provides third-party support to ensure that projects move forward or any volunteered issues improves recruitment, screens out volunteers who may not are resolved promptly. have the skills or commitment required for the project, and lays solid groundwork for project training and management. BwB offers free training to entire pool of prospective volunteers in advance of selection for a volunteer and project manager satisfaction, and longer- Steep learning project. Volunteer Orientation and Training term tracking of the cost-savings and economic value of curve for Certain training is a prerequisite for certain projects. volunteers To ensure that skilled volunteers gain industry knowledge volunteer projects. BwB tracks the hours and value of labor and understand the “big picture,” Grameen Foundation donated on a per-project basis. As part of the onboarding BwB uses technology to interact with hundreds of volunteers from all over the world at one time. requires all volunteers to participate in an introductory process, volunteers provide proof of their hourly rate or BwB meets regularly with Grameen Foundation departments to understand their work priorities session on microfinance and an orientation to Grameen salary equivalent. Once assigned to a project, volunteers and proactively suggest places where volunteers could add value. Foundation’s mission, structure, and strategic priorities. are responsible for documenting their volunteer hours Volunteers also receive project-specific training from through an online volunteer-management system. At the Inability to BwB provides training and technical assistance to Grameen Foundation staff on effective volunteer their project managers. BwB conducts a monthly webinar conclusion of each project, all stakeholders are advised delegate work supervision. series for all volunteers that features guest lecturers and of the value of the in-kind services donated. This helps to BwB shares project successes across the organization to encourage other staff members to in-depth presentations on discrete topics of interest in the change mindsets regarding the value of volunteers. At the consider ways that they could benefit from using volunteers. microfinance and T4D sectors. Later this year, the program completion of the project, volunteers typically present their will launch an e-learning community, including self- findings to staff and other stakeholders through written BwB shares project successes to help change mindsets about using volunteers. Bad experiences paced courses and project management tools, to provide reports and oral presentations, which provides recognition in the past When problems arise, BwB debriefs relevant staff and volunteers to identify the breakdown and ongoing training opportunities and technical assistance to the volunteer while increasing accountability for each ways to overcome specific challenges in the future. to its volunteers. Not only will this keep the reserve corps agreed-upon deliverable. Through exit evaluations with engaged when they’re not volunteering, it also will ensure both the volunteer and project manager, BwB is able to gain BwB recruits, screens, and shortlists candidates and assists project managers in making final that corps members are exposed to the latest research, insights on how to improve the process and on stakeholder Staff burden selections. support for the future. Grameen Foundation is committed to find right trends, and hot topics, which for many individuals is the volunteers BwB develops corporate partnerships to create an effective pipeline of volunteers with specialized reason they want to volunteer. to measuring the social and financial impact of its work, skill sets. but this often occurs over time horizons much longer than Evaluation volunteers’ engagements. However, by using a logic-model BwB captures the value of donated services for every project and shares information with various Quantifying the value of volunteers is a key component of approach — such as the sample below — volunteers and project stakeholders. No quantifiable project evaluation. BwB measures volunteer impact using a other stakeholders can see up front the intended outcomes demonstration of The aggregate value of all documented BwB donated services appears in Grameen Foundation series of indicators, including the value of in-kind services of the project. volunteer’s value departmental budgets and in organization’s IRS Form 990. donated, the completion of all volunteer deliverables,

BwB uses ROI as a measure of the value it brings to Grameen Foundation’s work.

www.grameenfoundation.org 16 TABLE 2: Sample Logic Model for Presenting BwB Project Results

Project Inputs Outputs/ Intermediate Anticipated Description Volunteer Outcomes End Deliverables Outcomes

Treasury Management Knowledge $21,940 in donated As a result of the enda will be able Consulting for enda in French; service** intervention, enda: to achieve its (Tunisia) expertise in strategic growth cash flow/ Reviewed • Has consolidated objectives by enda, the first MFI in treasury current treasury- and integrated 2012, which will Tunisia, needed assistance management management treasury- mean reaching in optimizing its treasury practices and management more poor people management and achieving Two J.P. developed a functions within its with its services its strategic objectives, Morgan recommendation credit department. and reducing which are aggressive and volunteers for optimizing cash- enda is in the the interest rates present risks associated in and cash-out process of testing charged to those 318 volunteer with planned expansion of management the impact of this clients. its services and personnel. hours decision. Consulted on how enda’s strategic objectives to align the loan • Has a daily for the period of 2008-2012 disbursement and acceptable included the following: reimbursement treasury margin between • Reach 350,000 active “The volunteers disbursement and clients by 2012. were great.” Semia reimbursement. Raggad, enda • Grow gross loan portfolio • Is working on to TND 241.5 million. developing basic training in cash • Increase total number of management for branches from 57 to 130. all its loan officers • Increase portfolio quality and providing all while reducing the branches with interest rate charged to a model to help clients and diversifying better calculate product offerings. and forecast disbursement and • Complete the process of reimbursement. decentralizing into seven regions.

• Secure an appropriate level and diversity of **All donated labor funding to achieve values reported are portfolio objectives. estimated by Grameen Foundation. Estimates With 57 branches in place, were derived by enda wanted to improve multiplying the number its daily cash management of service hours donated within its existing branches by proxy data from Salary Wizard based before expanding further. on volunteer’s job title/ function and location. Project Completed: May 30, 2010

17 Volunteerism: An Old Concept, A New Business Model for Scaling Microfinance and Technology-for-Development Solutions Building Stronger, More Adaptive Organizations with Volunteers

Reimagining Service is a self-organized consortium of Moreover, when an organization uses at least 50 leaders from nonprofits, government, and the private sector volunteers per year and has in place an effective volunteer- interested in increasing the impact that volunteerism can management framework, not only does it lead and manage have on solving social problems. The group recently coined its organization better but it is significantly more adaptable the term “service enterprise” which refers to a nonprofit or and sustainable, enabling it to better “go to scale” with its for-profit entity that fundamentally leverages volunteers programs and services.14 and their skills to successfully deliver on the social mission of the organization.12 In many ways, these research findings and the service enterprise notion mirrors the concept of disruptive So what differentiates a nonprofit service enterprise from innovation, introduced in the Harvard Business Review by other nonprofits that use volunteers? Clayton Christenson in the mid-90s. Disruptive innovations usually don’t meet customer needs as well as currently n Nonprofit service enterprises not only use volunteers to provide administrative, operational, or fundraising available products or services, but are usually simpler and support, but they actually build the use of volunteers less expensive, and so appeal to new and less demanding into the way they design and deliver programs and customers. In a follow-up article on disruptive innovation services. for social change, the author looked at how this model applies to the social sector. “Catalytic innovators,” such as n They are able to reach more constituents with quality nonprofit service enterprises: services beyond what cash resources alone allow. n Create systemic social change through scaling n Nonprofit service enterprises don’t let supply dictate and replication. their use of volunteers. Instead, these organizations focus on how volunteers can add value to strategic n Meet a need that is either over-served or not served priorities and institute infrastructure to recruit and at all. manage volunteer talent. n Offer products and services that are simpler and cheaper than existing alternatives and may be n They invest money in the people, plans, and programs that enable volunteers to create critical impact, usually perceived as having a lower level of performance, but yielding three to six times the return. users consider them good enough. n Generate resources — such as volunteers and In December 2009, the management consulting group intellectual capital — in ways that are initially TCC conducted research based on survey responses from unattractive to incumbent competitors. a sample of 650 nonprofits in the United States. Based n Are often ignored, disparaged, or even encouraged on their assessment, only 11 percent of nonprofits would by existing players for whom the business model is qualify as strong service enterprises. TCC found that these unprofitable or unattractive. service enterprises possess significantly and markedly stronger leadership, adaptive management, and technical capacities than organizations that don’t involve or engage volunteers at all.13

12 http://www.reimaginingservice.org/pdfs/PDF03.pdf 14 http://www.reimaginingservice.org/pdfs/PDF04.pdf 13 http://www.reimaginingservice.org/pdfs/PDF04.pdf

www.grameenfoundation.org 18 Table 3: Cost Comparison of PPI Certification Process

One Certification Process at one MFI

Without Volunteers time $ costs With Volunteers time $ costs

E-learning Cost — — E-learning Cost — 166.7 Building Demand for PPI Building Demand for PPI 3 116.58 3 116.58 Certification Certification Volunteer Pre-Selection Volunteer Pre-Selection Process 0 0 2 40 Process Volunteer Post Selection Volunteer Post Selection 0 0 2 40 Process Process Coordination/Matching with Coordination/Matching with 3 116.58 1 38.86 the MFIs the MFIs Education (Training) 0 0 Education (Training)* 2 77.72 Onsite Certification 72 2797.92 Onsite Certification* 72 4790.88 Volunteer/Creation of a 10 665.4 Report* Creation of a Report 10 388.6 SPMC/Revision of a Report 5 859.7

Committee Review Results 2 77.72 Committee Review Results 2 77.72

Presenting results to MFIs 1.5 58.29 Presenting results to MFIs 1 38.86

Peer to Peer Mentoring — — Peer to Peer Mentoring — — Travel Expenses (Hotel, Visa, Travel Expenses (Hotel, Visa, — $2,067.00 — $2,067.00 Ticket; paid by staff) Ticket; paid by volunteers)

COST PER PROJECT 91.5 $5,622.69 COST PER PROJECT 100 $8,979.40 Volunteer Donated Service and $7,523.28 Travel Expenses

GF Out-of-Pocket Cost $1,456.11

CERTIFICATION PROCESS CERTIFICATION PROCESS Cost Cost AT 45 MFIs AT 45 MFIs Volunteer Donated Service GF Out-of-Pocket Cost $253,021.05 $338,547.60 and Travel Expenses

*Figures represent donated volunteer time. GF Out-of-Pocket Cost $65,524.80 All other figures represent Grameen Foundation staff work hours.

ROI 4:1

19 Volunteerism: An Old Concept, A New Business Model for Scaling Microfinance and Technology-for-Development Solutions A BwB volunteer (l) visiting a Finca Peru borrower to certify collection of PPI™data.

Using this definition, the article defines microfinance itself their use of PPI data and identify areas for improvement. as a catalytic innovation. However, the use of skills-based Technical assistance providers supporting the use of the volunteers within the microfinance sector is also a catalytic PPI can use the standards to target interventions more innovation: effectively. With these standards, Grameen Foundation is piloting a certification process through which MFIs and n It presents microfinance networks and multilaterals with an opportunity to more efficiently scale delivery other PPI users will be able to receive a seal of approval of training and technical assistance to MFIs currently signaling that they are using the tool correctly. Table 3 unable to afford or access other help. compares the cost to implement this certification initiative with paid resources versus volunteer resources. In the paid- n The delivery of services provided by volunteers staff model, each certification (per MFI) would require 91.5 are perceived to not be as good as what would be hours of staff time and cost $5,622, including staff time delivered by paid consultants but good enough, and other expenses. By using volunteers who are asked to considering the price tag. cover their own travel expenses, only 16 hours of staff time n Those organizations that invest in a volunteer- is required per certification, and the total cost to Grameen management framework are placing a bet on their Foundation is $1,456 per certification. ability to overcome the numerous roadblocks and risks previously outlined in this paper. It would cost approximately $253,000 to execute certifications at 45 MFIs using a paid staff model. With n Currently, there is little interest from others in the space in pursuing this as a business model or volunteers, the cost to Grameen Foundation is $65,000 strategic approach. total. That’s a return of more than $4 for every $1 invested in the volunteer training and management infrastructure required for a volunteer-led approach. In August 2010, Grameen Foundation released a set of standards for using the Progress out of Poverty Index™ (PPI™). PPItm users can apply these standards to assess

www.grameenfoundation.org 20 RUMA 700 Combined Volunteer Hours I Labor Value: $51,476** I Founded in 2009 with a Grameen Foundation grant, RUMA is a social business start-up in Indonesia with a mission to serve the poorest in underserved communities. RUMA provides a “business in a box” solution that enables the poor to sell prepaid mobile phone airtime in their communities. However, RUMA faced challenges — how to manage operations with a scant number of employees and limited resources and how to evaluate client data logically. Volunteers from BwB, possessing a variety of background knowledge and capabilities, stepped in to help shape all of RUMA’s functional areas. A J.P. Morgan volunteer with 20 years of experience in advertising, graphic design, print design, and web and application design dedicated 78 hours to create a framework for RUMA’s website and design their logo. And because RUMA had no financial management staff when it launched, a retired international commercial banking executive spent three weeks on the ground helping it realize its revenue, performing pre-auditing, and providing a management action report. Two J.P. Morgan investment bankers and a marketing strategy consultant helped build a poverty data analysis framework to

PROJECT SPOTLIGHT ensure that RUMA was equipped with the tools to target the right clientele. Having dedicated 700 hours, these enthusiastic volunteers pooled their skills and knowledge to solidify RUMA as a program that can transform the poor into entrepreneurs.

**All donated labor values reported are estimated by Grameen Foundation. Estimates were derived by multiplying the number of service hours donated by proxy data from Salary Wizard based on volunteer’s job title/function and location.

With profits from her RUMA business, Halima can now provide for her family and Eha is saving to fund her children’s education, buy a new home for her family, and ensure her daughters get good educations. expand her business.

21 Volunteerism: An Old Concept, A New Business Model for Scaling Microfinance and Technology-for-Development Solutions Scaling Bankers without Borders Beyond Grameen Foundation

Grameen Foundation created BwB not merely to further its own work but to further the mission of the microfinance sector. Rather than spending years conceptualizing an industry-wide approach and soliciting global support and buy-in, Grameen Foundation chose to prototype BwB quickly and test the approach on itself. In its first two years, the program has proved to be a valuable resource. There is now an opportunity to explore how BwB can become a shared platform for the microfinance industry to engage skilled volunteers as pro bono consultants.

One of the major impediments to unleashing the potential of this under-tapped pool of talent is the lack of infrastructure that exists within organizations for managing volunteer engagements. Rather than going without or investing in duplicative infrastructure, global and local networks can identify those volunteer management functions that make the most sense to strengthen internally and look to BwB to provide any additional back-end support. BwB helps pro-poor organizations, like danone.communities, further their missions. danone.communities is making safe drinking water accessible for more than four million people in India in the next five to six years.

danone.communities 130 Combined Volunteer Hours I Labor Value: $16,900** I One of the most significant challenges in the poorest regions of the world is a lack of safe drinking water. danone.communities, in collaboration with Naandi, a social sector organization in India, is creating a social business model to accelerate the rural poor’s access to safe drinking water. Through BwB, J.P. Morgan employees contributed to danone.communities projects. Based in Mumbai, J.P. Morgan’s investment banker brought with him extensive experience in mergers and acquisitions and extensive knowledge of the local economic environment. After assessing the business plan, he provided advice on structuring the venture. danone.communities estimates that in five to six years, more than four million people will have access to safe drinking water through a decentralized drinking- water supply chain, at an affordable price. The positive impact of this venture will resonate throughout the regions served. PROJECT SPOTLIGHT

www.grameenfoundation.org 22 With support from presenting sponsor J.P. Morgan, Grameen Foundation has invested the money needed to get BwB off the ground. Now that the infrastructure is in place, the cost of managing and supporting additional engagements is minimal compared to the costs of hiring consultants on a per-project basis.

Through its new Alliance program, BwB is providing seed capital, technical assistance, and operational support to local and regional microfinance associations and other pro-poor networks in Sub-Saharan Africa, Asia, the Americas, and the Middle East and North Africa regions to help them increase their capacity to utilize volunteers. Alliance members will be able to access the BwB staff and technology platform to support development, recruitment, This borrower is signing for her very first microloan. Volunteers have the power to management, and evaluation of volunteer projects support MFIs in making this possible for more poor people worldwide. supporting their constituents.

BwB is also interested in piloting projects with other global networks to demonstrate effective volunteer management and the value that skilled volunteers can bring to their organizations.

The beauty of bringing more volunteers and outsiders into the microfinance and T4D space doesn’t just lie in the proposition of getting free or low-cost professional services. By creating a volunteer-based mechanism for MFIs, we are reinforcing the civic underpinnings of the global movement to eradicate poverty. This growing force of volunteers may just bring the creativity, passion, and new BwB provides resources to local and regional microfinance organizations to bolster their ability to utilize volunteers more effectively. ideas the sector needs to innovate and scale even further to reach more of the world’s poor.

23 Volunteerism: An Old Concept, A New Business Model for Scaling Microfinance and Technology-for-Development Solutions

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